Airport company gets $275m debt facility

Auckland International Airport has established a five-year bank facility of $275 million with Commonwealth Bank of Australia.

The airport company said the arrangement contained a term debt facility of $100 million and a revolving cash advance facility of up to $175 million.

It said part of the funds would be used to repay the remaining $50 million of a $200 million bridge facility which was used to pay for the 12c a share special dividend paid to shareholders in August.

The first $150 million of the bridge facility was refinanced from the proceeds of seven and 10-year bonds issued in November.

The company said the rest of the new facility would be used for its investment programme at the airport and general working capital.

Auckland International Airport shares were up 3c to $1.95 yesterday, having ranged from $1.79 to $2.43 over the past year.

- NZPA